Price Statement on CBO’s Budget & Economic Outlook Update

August 23, 2016

WASHINGTON, D.C. – House Budget Committee Chairman Tom Price, M.D. (GA-06) issued the following statement today after the Congressional Budget Office (CBO) released AnUpdate to the Budget and Economic Outlook: 2016 to 2026 showing rising annual deficits over the coming decade and lower economic growth than previously projected. CBO now projects a deficit of $590 billion, or 3.2 percent of GDP, in fiscal year 2016. This is $56 billion higher than the $534 billion deficit the agency projected in March.

“Poor economic policy contributes to a nation’s poor fiscal health. As CBO projects, the federal government is on track to amass trillions of dollars more in debt over the coming decade in no small part because the economy is on track to continue to underperform – to grow at rates far below our historical average. Why? Because of the failed policies of the Obama Administration – policies that have punished job creators and left middle class families behind. That is why House Republicans are proposing a better way forward for our nation with solutions that empower individuals, families, and businesses. We would solve our fiscal challenges and grow our economy so that all Americans have access to greater opportunities and a more secure future.”

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“Since its inception more than 40 years ago, CBO has not undergone a comprehensive review. This series of hearings finally fulfilled this committee’s duty for proper oversight and broadened our understanding of CBO’s work and challenges.”

“While CBO directly assists the House and Senate Budget Committees, all lawmakers interact and engage with CBO. Proper oversight of this important congressional support agency requires a clear understanding of CBO’s relationship with all Members.”